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Sub-prime lender New Century to delay annual report

Thu Mar 1, 2007 11:00pm EST

NEW YORK, March 1 (Reuters) - New Century Financial Corp. NEW.N, one of the largest U.S. subprime lenders, on Thursday said it is delaying the filing of its annual report with the U.S. Securities and Exchange Commission.

Regulatory News  |  Bonds

The Irvine, California-based company said it expects on Friday to file with the agency a formal notification of its inability to file.

On Feb. 7, New Century surprised investors by saying it expected to report a loss for the fourth quarter of 2006, and would restate earnings for the prior three quarters lower.

New Century and many other subprime lenders are struggling as delinquencies and defaults rise, and investors force the lenders to buy back loans that have soured. Subprime lenders make loans to people with poor credit histories.

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